Saturday, 23 July 2011

Setting up my publishing company

As part of my journey in creating a career in writing, I started up my own business.  Why did I need to do that?  Firstly, it was on the advice of more experienced writers.  The advice was if I was serious about writing I needed to treat it like a business.  Secondly, I feel that it gives a more professional appearance to my books if they are published by a publishing company.  Thirdly, I can more easily  keep the income completely separate from my own day job income and if the time comes when I need to employ outside help, keeping track of payments will be more visible.

I set up Ferret Publishing Ltd in April 2011.  Before I set up the company I made sure the domain name was available for the website that would promote my books and I reserved it.  I then set up a business account for all royalties to be paid directly into.

All in all the total spend needed to do the above was around £170.  I'm still in the process of obtaining a Tax Identification Number (TIN) to put on the W8-BEN form to send to Amazon.  This is required to stop them holding back 30% tax on my royalties as I'm an foreign resident.

All in all it has been quite painless and I'm hoping it has put me on a good footing for the future.  Now I need to build up my catalogue of works and get my name noticed.  Speaking of which, I have finished the first draft of Psychic Knights - Reformation and am currently outlining the second book in that series.  This will take me to the 31st of this month where I will go back to Psychic Knights - Reformation for the final edit.  Both books will be out this year and I will continue the series next year.


No comments:

Post a Comment